Perceptive Advisors LLC grew its stake in Irhythm Technologies Inc (NASDAQ:IRTC) by 14.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 427,371 shares of the company’s stock after purchasing an additional 54,700 shares during the period. Perceptive Advisors LLC owned about 1.86% of Irhythm Technologies worth $23,954,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its position in Irhythm Technologies by 763.9% in the 3rd quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock worth $151,000 after purchasing an additional 2,582 shares in the last quarter. Shaker Investments LLC OH acquired a new position in shares of Irhythm Technologies during the 4th quarter worth approximately $263,000. Voya Investment Management LLC acquired a new position in shares of Irhythm Technologies during the 2nd quarter worth approximately $274,000. Two Sigma Advisers LP acquired a new position in shares of Irhythm Technologies during the 4th quarter worth approximately $331,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Irhythm Technologies by 84.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,204 shares of the company’s stock worth $476,000 after buying an additional 5,124 shares during the period. Institutional investors and hedge funds own 98.59% of the company’s stock.
In related news, CFO Matthew C. Garrett sold 42,910 shares of the stock in a transaction on Friday, January 5th. The stock was sold at an average price of $59.17, for a total value of $2,538,984.70. Following the completion of the transaction, the chief financial officer now directly owns 36,085 shares of the company’s stock, valued at approximately $2,135,149.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kevin M. King sold 60,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $64.52, for a total value of $3,871,200.00. Following the completion of the transaction, the insider now directly owns 201,842 shares of the company’s stock, valued at $13,022,845.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 281,344 shares of company stock valued at $17,577,239. 23.30% of the stock is owned by corporate insiders.
Irhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Wednesday, February 14th. The company reported ($0.48) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.13). Irhythm Technologies had a negative return on equity of 34.44% and a negative net margin of 29.87%. The business had revenue of $28.20 million for the quarter, compared to analyst estimates of $26.79 million. During the same period in the previous year, the company earned ($0.37) earnings per share. The company’s quarterly revenue was up 50.8% compared to the same quarter last year. research analysts anticipate that Irhythm Technologies Inc will post -1.53 earnings per share for the current year.
Several brokerages have recently weighed in on IRTC. Canaccord Genuity reaffirmed a “positive” rating and set a $80.00 target price (up from $68.00) on shares of Irhythm Technologies in a research note on Monday. JPMorgan Chase & Co. upped their target price on Irhythm Technologies from $62.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, February 15th. BMO Capital Markets began coverage on Irhythm Technologies in a research note on Monday, March 5th. They set an “outperform” rating and a $76.00 target price for the company. BidaskClub raised Irhythm Technologies from a “hold” rating to a “buy” rating in a research note on Friday, January 5th. Finally, ValuEngine raised Irhythm Technologies from a “sell” rating to a “hold” rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. Irhythm Technologies presently has an average rating of “Buy” and a consensus price target of $70.83.
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About Irhythm Technologies
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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